Reasons To Hire A Realtor When Purchasing A Home
Reasons To Hire A Realtor When Purchasing A Home Is Due To Buyer Representation
One of the Top Reasons To Hire A Realtor When Purchasing A Home is so the buyers will have buyer representation.
- Hiring a Realtor® to help in your home buying process will not cost you a cent
- The real estate commissions are paid for by the home seller
- Sellers pay a 6% sales commission on their listings when the property closes
- The commission is split between the seller’s agent and the buyer’s agent
- So each side gets a 3% sales commission which is paid by the home sellers
- Real estate agents are licensed professionals who are regulated
- By law, the buyer’s agent has a fiduciary responsibility in representing the buyers with their best interests in mind
- The interests of the buyers need to be the top priority of the buyer’s agent when presenting a real estate purchase offer
- The buyer’s agent is somewhat like your attorney
- The realtor will represent buyers when shopping for homes and placing potential purchase offers
- More importantly, an experienced veteran real estate agent is often expert negotiators and can get the homebuyers the best deals
- A home purchase is often a person’s largest financial investment in their lifetime
Having an expert professional on your side is super important when making the largest financial transaction of your life.
Reasons To Hire A Realtor Due To Negotiation Expertise
Most experienced seasoned real estate agents are expert negotiators.
- They know the market values of homes in the area they represent
- They also know recent comparable sales and the inventory of homes that are listed
- A sharp veteran real estate agent will know how to structure a purchase offer
- The realtor will include sellers concessions on the purchase offer so the buyer will have limited and/or no closing costs
- There are many moving parts when structuring a purchase contract
- Besides the right price, sellers concessions and contingencies need to be included in the purchase contract
- The buyer’s realtor will act as a neutral third-party professional representing the home buyer
- The realtor will take market conditions, competition, and the overall strength as a buyer when negotiating with the seller and seller’s agent
- Most realtors are experts in the current real estate market and its value of homes
- Before presenting the offer, the realtor will discuss his plan with you, the buyer
- Other comparable sales will be taken into account
When discussing market conditions and the proposed purchase price offer, the realtor will be armed with fresh recent data. The realtor will tell his buyers if the value of the home is far above the market prices of homes in the area.
Choosing And Hiring The Right Real Estate Agent
Getting along with your real estate agent and loan officer are two of the most important factors in the home buying process.
- Interview potential real estate agents you may want to represent you
- Make sure they are a local familiar with the neighborhood you want to purchase a home
- The real estate agent should have many years of experience and know the area
- Go to open houses on the weekends and talk to multiple real estate agents
- Google their name and do your research
- Check and read their online reviews
- Eliminate real estate agents where you do not have a first good impression
- Contact references and prior clients
- See if they are available 7 days a week, evenings, weekends, and holidays
- A realtor that does not give their cell phone is a bad sign
- They should be knowledgeable in utilities, schools, zoning, traffic patterns, and other characteristics that will help you decide if a particular neighborhood is the right fit for you and your family
- You cannot know and trust someone in such a short time frame, so trust your first instincts
- You are the boss and need to feel comfortable with the real estate agent
There are times when buyers hire a realtor and the relationship does not turn out. Buyers are able to fire their realtors at any time. Make sure that you do not sign a clause in fine print where the realtor may put a clause affecting canceling the real estate agent/broker agreement.
Teamwork During The Home Buying Process